Section 520.420  Business Cessation Notification

a)         Notification of Business Cessation.  Section 11.1 of the Act requires a business located within an Enterprise Zone that has received tax credits or exemptions, regulatory relief, or any other benefits under the Act to notify the Department and the officials of the county and municipality in which the business is located, within 60 days after the cessation, of the cessation of business operations.  For purposes of this regulation, business cessation shall mean:

1)         Business Closed.  The business has closed and is not conducting business in any capacity within the boundaries of the Enterprise Zone;

2)         Business Relocated.  The business has relocated its operations in whole to another area outside the boundaries of the Enterprise Zone; or

3)         Business Acquired.  The acquisition or assumption of the existing business (which has been certified to receive either the Enterprise Zone Utility Tax Exemption or the Enterprise Zone Expanded Manufacturing Machinery and Equipment/Pollution Control Facilities Sales Tax Exemption) and/or assets by another entity.

b)         Notice for Closed or Relocated Businesses.  In the case of business cessation under the categories specified under subsections (a)(1) and (a)(2), notification shall consist of a letter from the person in charge at the affected facility identifying:

1)         Date of Cessation.  The date of business cessation; and

2)         Number of Employees.  The number of employees at the time of business cessation.

c)         Notice for Acquired Businesses.  In the case of a business cessation under the category specified in subsection (a)(3), notification shall consist of a letter from the person in charge at the affected facility identifying:

1)         Date of Purchase.  The date of purchase;

2)         Name of New Business.  The name of the new business; and

3)         Exemption the Acquired Business Received.  The type of exemption that the acquired or assumed business was receiving (either the Enterprise Zone Utility Tax Exemption or the Enterprise Zone Expanded Manufacturing Machinery and Equipment/Pollution Control Facilities Sales Tax Exemption).

d)         People to Notify.  Notification of the business cessation shall be submitted to:

1)         DCEO.  Office of Business Development, Department of Commerce and Economic Opportunity, 500 East Monroe, Springfield, Illinois 62701;

2)         Enterprise Zone.  The chief elected official of the Enterprise Zone community in which the business was located; and

3)         Joint Enterprise Zone.  In the case of a joint zone, the chief elected official of the municipality and the County Board Chairperson of the participating county.

(Source:  Amended at 38 Ill. Reg. 457, effective December 20, 2013)